Economy heats up in second quarter

9:23 PM,
Jul. 30, 2014

The United States economy posted better-than-expected growth in the second quarter.

Written by

Paul Davidson
Gannett

The U.S. economy posted better-than-expected growth in the second quarter, bouncing back from its worst performance in five years.

U.S. gross domestic product, which measures the output of goods and services in the economy, expanded at a seasonally adjusted annual rate of 4 percent in the three months ended June 30, the Commerce Department said Wednesday. Consumer spending, business investment and inventory stockpiling all rebounded strongly. Economists surveyed by Action Economics expected 3 percent growth.

The government also said the economy shrank 2.1 percent in the first ...